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New second charge mortgage business drops 10%
Second charge mortgage new business fell 10% by value in March compared with the same period last year, according to new figures from the Finance & Leasing Association (FLA).
The FLA also reported that the volume of new second charge mortgage agreements was down 13% on March 2017.
The total value of new second charge mortgage business in March was £86m, while the number of new agreements was 1,826.
The FLA added that the value of new business during the first three months of 2018 was £244m, the same as Q1 2017.
“March was a quieter month for the consumer credit markets in general,” said Fiona Hoyle, head of consumer and mortgage finance at the FLA.
“These latest figures show a stable picture for new business volumes in the first quarter overall.”
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